Nifty is still not making a decisive move. It just going horizontal.
From experience it looks like it will intersect the alligator and then start another move up.
The reason for this belief is that if it were an opposite move, the prices should have fallen suddenly downwards.
Anyhow, still holding on to the short position.
Here is a nice explanation of Nifty movement based on wave count. Although it goes against my count of wave, nevertheless a good view:
http://www.wavetimes.com/trading-nifty-using-elliott-waves-by-ramki-wavetimes-com/
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